Offshore Wind Energy Market Estimated To Witness a Phenomenal Growth by 2025
Offshore wind energy is the technology used to generate electricity from the wind using wind turbines constructed near the coastline of oceans and lakes. Offshore wind energy is the technology used to generate electricity from the wind using wind turbines constructed near the coastline of oceans and lakes. Offshore wind energy offers various advantages such as, installations of offshore wind energy allows in reduction of the overall capital expenditure. The energy generation are at higher speeds on offshore than on onshore which positively impact on triggering the market growth.
Increasing demand for the renewable sources in power generation is the major factor driving growth of the offshore wind energy market
Increasing demand for renewable sources in power generation is major driver for the growth of offshore wind energy market. Increase in the energy consumption and rise in environmental concerns regarding the depletion of natural resources is major factor for increasing the demand for renewable sources in power generation. For instance, according to the Electronic Industries Alliance (EIA) organization, the total world energy consumption rises from 575 quadrillion British thermal units (Btu) in 2015 to 736 quadrillion Btu in 2040, an increase of 28%. Therefore, increasing energy consumptions leading to rise the demand of renewable sources in power generation positively influenced growth of offshore wind energy market.
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The turbine segment is projected to hold the largest segment in the market
The turbine segment held largest market share in 2016 and is projected to retain its dominance throughout the forecast period. The increasing energy production become one of the growth of this segment in the market. For instance, according to the World Energy Organisation (WEO) the power generation particularly from wind and solar energy increased up to 200GW from 2013 to 2015, globally. In addition to this, the rising demand of technically advanced turbines have also accelerated the segment in this market. For instance, the turbine manufacturers such as C&F Green Energy, Bergey Wind Power, and Kelso Energy LTD are updating the turbines with advanced technologies such as onboard sensors, advanced rotor with the features of injection and compression moulding.
Global Offshore Wind Energy Market: Regional Insights
On the basis of region, the offshore wind energy market is segmented into North America, Europe, Asia Pacific, Middle East and Africa. The Europe held the dominant position in the market in 2017 and is projected to retain its dominance throughout the forecast period. The increasing numbers of approved and pipeline projects and rising investment for private sector in offshore wind energy have accelerated the market of offshore wind energy market in this region. For instance: According to GTAI, Germany held the largest position in Europe’s wind energy market, with more new capacity of 5.4 GW installed in 2016.
Global Offshore Wind Energy Market: Competitive background
Key players operating in the offshore wind market include Siemens AG (Germany), ABB, Ltd. (Switzerland), A2Sea (Denmark), Nexans (France), EEW Group (Germany), General Electric (U.S.), Northland Power, Enercon GmbH, Gamesa Corporacion Technologica S.A., and Guodian United Power Technology Company Ltd.
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